Section II: Risk Management Technology Flashcards
What are the important technological advances for insurance?
- Artificial Intelligence (AI)
- Computer Vision
- Drones
- Internet of Things
- Robotics
- Sensors
- Smartphones
What is Computer Vision?
A technology that simulates a human’s vision to make decisions, like self-driving cars, facial recognition, and automated traffic control centers.
What are two examples of how Drones are used in the insurance industry?
- Taking photos and inspecting the quality of a homeowner’s roof.
- Analyze wildfire-prone areas
What is the Internet of Things?
A network of objects connected to the internet enabling everyday objects to send, receive, and transmit data to computers.
What are the four categories of Sensors?
- Biochemical (fitness monitors/at home diagnostics)
- Mechanical (motion detectors/pressure detectors)
- Radiant (radar/RFID)
- Thermal (heat sensors)
What are some examples of a sensor?
- Accelerometer
- Actuator
- Heat Sensors
- Machine Sensors
- Transducer
- Wearables
What are the 5 ways that Smart Products improve the industry?
- Catastrophe Management Industry
- Employee Safety
- Property Management
- Supply Chain
- Transportation Industry
What are the three commonly used Smart Products to improve employee safety?
- Clothing Sensors (ergonomic info to improve workplace)
- Robotics (eliminates manual tasks like assembly line)
- Unmanned Aircraft (drones)
What are the three ways smart technologies are used in managing the supply chain?
- Drones (package delivery)
- Wearables (inventory tracking)
- Robotics (improve warehouse production)
What are the four technologies the shipping & transportation industry use to address risk management?
- Accelerometers
- Drones
- Telematics
- Wearables
